Barrel Price July 31st

[Smokey1226]

Currently oil is down about $3.00/barrel which is great news after yestersdays rise of about $4.50/barrel.

[Prince Valiant]

It's honestly falling faster than I expected...I would have expected more rallies to this point to get the price up than we've seen, which means more are getting out of the speculators market on oil imo.

[Smokey1226]

It's honestly falling faster than I expected...I would have expected more rallies to this point to get the price up than we've seen, which means more are getting out of the speculators market on oil imo.

im just happy that its bringing the dollar price back up. My Roth IRA account was getting hit hard. Now its starting to pull back

But on the other hand, im grateful that im not a 55year old guy who has hundreds of thousands in his account and lost 14% of it like everyone else this year!

[Silver03SRT]

im just happy that its bringing the dollar price back up. My Roth IRA account was getting hit hard. Now its starting to pull back

But on the other hand, im grateful that im not a 55year old guy who has hundreds of thousands in his account and lost 14% of it like everyone else this year!

I dont even want to talk about my 401K I lost a good chunk of change the last 2 quarters. Couple thousand dollars gone hope it picks back up. I am starting to shift most of my money in overseas accounts.

[Feature Pony]

I'm down a lot, I lost about 25% with my stocks, roth IRA, and 401k.

[Prince Valiant]

I'm up...I've only lost one quarter, and that totaled ~ 50 dollars, so really, and that comes from paying a small percentage of my total to manage my funds.

[Feature Pony]

I'm up...I've only lost one quarter, and that totaled ~ 50 dollars, so really, and that comes from paying a small percentage of my total to manage my funds.

Dang I wish I lost $50 bucks!! add 3 more zeros and thats right about what I lost. Granted I'm probably at the break even point as far as what I invested but that is still alot to lose.:fire

[CPonyGo]

for Smokey- how do you know if a gas station is ripping you off? Their "OPEN" sign is lite....LOL....j/k man

[badass88gt]

for Smokey- how do you know if a gas station is ripping you off? Their "OPEN" sign is lite....LOL....j/k man

Lite?:chair:

[CPonyGo]

....d'oh...lol...sorry- I need the hit or should that be "hite"? LOL

[CobraSnake]

shouldn't it be 'LIT"

[udlose98]

It's honestly falling faster than I expected...I would have expected more rallies to this point to get the price up than we've seen, which means more are getting out of the speculators market on oil imo.

Only reason it fell today was due to concern over the US economy. I still have a feeling it will be back to or above 150 by the end of the year

[Smokey1226]

Only reason it fell today was due to concern over the US economy. I still have a feeling it will be back to or above 150 by the end of the year

Friendly bet, $20 says its below 110 by the end of the year versus your above 150? Anything in the middle we buy eachother a beer? I will be 21 on December 26th so ill just turn 21 before the end of the year!

[udlose98]

i'd be willing to go 145, 150+ might be a little bold.

edit : I feel like a speculator.

[Smokey1226]

i'd be willing to go 145, 150+ might be a little bold.

no balls......but deal! :thumbsup

[udlose98]

Well I felt that it was going to happen earlier in July ($150), then the financial sector colapsed and along with it oil and the market. I dont believe its goign to get much better, however, eyes are starting to light up when gas is ...3.70 or so. The stockpile report should reveal this to be true and start to hit around that as an equilibrium price.... but what do i know, its all just guessing... the situation changes everday.

[Silver03SRT]

So why did gas jump up 20 cents today?

[udlose98]

So why did gas jump up 20 cents today?

the price of oil per barrel and gas per gallon, usually, but not always mimic each other. So it could be a number of reasons.

[Smokey1226]

the price of oil per barrel and gas per gallon, usually, but not always mimic each other. So it could be a number of reasons.

very true. Anytime you see a HIKE in barrel price usually means a big price increase. Like yeterday we had a $4.50/barrel increase and on our price sheets that came over price was up $14 cents. Thankfully we didnt need to buy in at yesterdays price.

Today...it dropped $2.50/barrel which brought us back down to almost where we were tuesday.

So tomorrow will be the deciding day for us. I hope it drops again (Crosses Fingers)

[Silver03SRT]

so it goes down for a number of days in a row and then one day it goes up and the price shoots up right away. i thought they didnt change their price until they filled their tanks or did i not understand smokey.

[udlose98]

So tomorrow will be the deciding day for us. I hope it drops again (Crosses Fingers)

i'd bet on that being the case.

[Smokey1226]

so it goes down for a number of days in a row and then one day it goes up and the price shoots up right away. i thought they didnt change their price until they filled their tanks or did i not understand smokey.

no your 100% Correct. But you have to remember there are THOUSANDS of gas stations in WI. Every stations tank sizes are different. We have small tanks considered to big stations like truck stops.

So the stations that you seen that made the big jump, needed fuel yesterday and HAD to buy in. If we were in the same situation we'd have to do the same thing. But luckly i pay attention to things and try to order correctly.

Tomorrow for instance WE NEED a tanker, if price was to HIKE up we'd be FAWKED!

[Smokey1226]

Also, a lot of stations run their tanks to the limit of them shutting off ~550gallons left in the tank. We wont allow ours to get under 1k or try not to anyways

That perticular station could of ran it close, then changed their price because of the new fuel and have to deal with it. That is a bad situation for a business owner.

[Silver03SRT]

I see it just seemed like the 10 stations i went by on my way home on hwy all jacked their prices up. I hate living in franklin.

[Prince Valiant]

As far as price per barrel, and the price at the pump:

They're each sold on separate markets...there is a link in the prices, but it's hardly direct. Sometimes, after periods of high prices, buying slows...thus the price drops. When the price drops, this may create a run on supplies of people who wish to stock up at cheaper prices, which in turn moves the "spot" price up.

A short/simple version is this...Refineries are selling their gas to the distributers (who distribute to the vendors) @ 4.00 bucks/gal....well, many distributers might not have the capital to buy all that they can, instead only buying ~ 80% of their typical capacity. This in turn slows the rate that the refineries are selling at, and to rid of excess supply, they start taking lower bids. As the prices drop, more people in turn buy more...well, the rush to stock up drives the price back up.

This is why there are rallies in the stock market...when a stock's price falls, people will see it as undervalued and rush to buy, and the price "rallies" back up. Sometimes the rally stabilizes the price somewhat, sometimes it momentarily pauses the fall, and then the price continues to slide again...it's a gamble.

Imo, if there people both as citizens and the politicians continue to show some willingness and resolve to open up exploration/new drilling for oil, then the futures market will become bearish about the price of oil...they'll see it as a bust market similar to the ones in the 70's, 80's and 90's. If let's say Obama wins, and democrats increase their majority in both the house and senate, price will jump...and likely imo, surpass the 200 dollar/barrel mark. The reason I say this is due to the Dems and Obama being far and away the most adamantly against opening up drilling...instead preferring to ascribe to bizarre conspiracy theories on why the price is high.

I'll tell you this much...I ain't selling the insight anytime soon, that's for sure.

[Smokey1226]

I see it just seemed like the 10 stations i went by on my way home on hwy all jacked their prices up. I hate living in franklin.

exactly, that is one of the downsides of selling a lot of fuel. Those stations probably sell a ton of gas. Which means they go through a tanker a day or close to it. When that happens to matter what the barrel price does you have to deal with it.


but for anyone on here who thinks i make stuff up.....thats first hand proof, that i dont lie.

[hrsp]

still might buy a gas saver...damn it..lol

[Smokey1226]

still might buy a gas saver...damn it..lol

i did, and love every minute of it! Like ideling for 25+ Minutes trying to get a parking spot at the brewers game with my corolla wasnt so bad. If i would of done that with my truck i would of killed someone! :rolf

[Al]

A short/simple version is this...Refineries are selling their gas to the distributers (who distribute to the vendors) @ 4.00 bucks/gal....well, many distributers might not have the capital to buy all that they can, instead only buying ~ 80% of their typical capacity. This in turn slows the rate that the refineries are selling at, and to rid of excess supply, they start taking lower bids. As the prices drop, more people in turn buy more...well, the rush to stock up drives the price back up.

How fast does that cycle happen? Is it an hourly, daily, or multi-day thing?

[Z28Roxy]

How fast does that cycle happen? Is it an hourly, daily, or multi-day thing?

Continuously.